Tuesday, September 20, 2011
Sun Star By Nelson C. Bagaforo
GENERAL SANTOS CITY -- SM City General Santos, Mindanao's biggest mall is set to open in the first quarter of next year in this city, touted as the country's 'tuna capital', targeting a huge retail market in one of the country’s fastest growing regions, the Soccsksargen area.
SM Prime Holdings, Inc. president Hans T. Sy, on Sunday said SM Gensan has a total floor area of 150,000 square meters, including the parking area, situated in a 17-hectare property they are leasing from one of the city’s pioneering families -- the Salazars.
'This is our biggest in Mindanao,' Sy told Sun.Star Davao.
Sy was in this city to grace the opening of newly widened 440 meter San Miguel street in Lagao, where one of the entrances of the mall is located. SM Prime Holdings spent P4 million for the project.
Also at the event are city officials, led by City Mayor Darlene Antonino, Representative Pedro Acharon and the Salazar matriarch Sufradia Las Marias Salazar.
The property where SM Gensan stands is covered by a 20-year lease contract entered by SM Prime Holdings and the Salazars.
'Everytime we invest in a place, we always see that we have the return of investment in 9-10 years, so the 10-year contract would be okay,' Sy said.
Sy said total investment they have poured in for the construction of the Gensan mall, which is now 90 percent complete, is pegged at P2.5 billion, much higher than their investment for the construction of SM Lanang in Davao City, placed at P2 billion. SM Lanang is targeted to be completed in the last quarter of next year.
'This is our thrust. We want to intensify our presence in Mindanao,' Sy said, but was quick to add SM has no plan of getting hold or monopolize the retail market on the island.
'We are here not to eat the pie, but we’re here to make the pie bigger,' he said.
Sy said their next target in Mindanao, after the opening of SM Lanang next year, are the cities of Butuan and Zamboanga.
'These are the two areas we are looking at. The property we eye for the construction of these malls is now under negotiation,' he said.